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Debt Repayment |
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Do you have to be behind on your payments to have your company help us? We are not behind on credit cards but are struggling to make minimums on 8 cards.
- Mrs. D
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Mrs. D,
You don’t have to be behind on payments. In fact, you have contacted us at the right time. Being proactive is always better than being reactive.
You can speak to a trained credit counselor by calling 800-762-2271. They are available 24 hours a day, 7 days a week.
Congratulations on your decision to take control of your financial life.
Susan
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Does the program work with couples if you are married, or can you take care of individual's debt in a couple? I have a reasonable income, and would like to get rid of all my credit cards. I also have a "credit" overdraft protection for my checking account, and a visa check card. Will all these accounts be closed, or just the credit cards? Do I need to get rid of all my accounts, in other words? How about card loans too?
- Andy
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Andy,
MMI works with both individuals and couples. Your chances of success will dramatically improve if you and your spouse are working together as a team. As I always say, if two people are headed in different directions, neither one of them will get there!
As for the specific account information, I’ll leave those answers to your counselor. They are trained professional that can analyze your specific situation and provide options.
Counselors are available 24 hours a day, 7 days a week.
Good Luck,
Susan
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I am ready to use a debt counseling service however, my husband "refuses" to let anyone take his credit cards away. How does this work? Can one card be kept for emergencies? Also, does using a counseling service damage credit further? Thank you in advance for your response.
- Karen
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Karen,
In order for you to be financially free, you and your husband will have to agree to a lifestyle change. Part of this change is to reduce or eliminate your dependence on credit cards. Believe it or not, credit is not one of life’s basic needs. Try to determine why your husband “refuses” to give up his cards.
If it is because he wants them in case of an emergency, convince him that having an emergency savings account is a far better solution. MMI offers educational courses to help teach people how to live within their means.
On a debt management plan, the consumer agrees to discontinue their credit card use. We are asking creditors to accept reduced payments and make other concessions, so it makes sense that they do not want you to get further into debt.
In regard to your credit, participation in the program will not change anything that is already on your report. MMI does not report anything to the credit bureaus. It is up to your individual creditors to determine how they will report (or not report) the fact that you are on a repayment plan.
Susan
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I am very interested in your debt counseling program, but if I inquire on how you can help and what kind of program you can offer, am I obligated to sign up? I would like to shop around for the best option for us. Is this possible in a situation like this? I am not clear on one issue, if you make arrangements with our creditors to accept lower payments based on our income, but they do not lower the interest rate, won't it take us forever to pay them off?
- Brill
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Brill,
The debt repayment plan is totally voluntary. We welcome you to “shop around” and are confident you will find our services superior.
Your counselor can discuss the specifics about lower payments and interest rates. We obviously want you out of debt as quickly as possible too!
Talk with you soon,
Susan
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I want to know how this affects my credit report. My friend says doing this program is just, if, not worse than filing bankrupt. Is this true? And how does such a large company operate only on donations? Are there some hidden charges or fees I get after I pay my debts?
- Carmen
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Let us give you the assurance your participation in a Debt Management Program (DMP) will not show up like a bankruptcy on your credit bureau file. The DMP is an alternative to bankruptcy so you won't have a blemish noted for up to 10 years, as you would if you filed for bankruptcy .
The DMP will not change anything which is already on your credit report. Creditors may report that you are on a DMP and are not paying as originally agreed although they have accepted the reduced payment. After successfully completing a DMP, MMI will help you in reestablishing your credit with a certain number of your creditors. We must mention that it is up to the individual creditor whether or not credit will in fact be granted in the future.
Most of our funding comes from voluntary contributions from creditors who participate in DMPs. Since creditors have a financial interest in getting paid, most are willing to make contributions to help fund our agency.
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If you go through the program, will you ever be able to purchase a car? What will your credit rating be like? Will you ever qualify for a bank or home loan? Who normally seeks your service, is it someone who is unable to get a debt consolidation loan? How many months behind should you be? - Dwayne
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Once you have completed the program you should be able to get a car financed, provided your credit prior to entering the program was not extremely derogatory. Entering into a Debt Management Program (DMP) will not change anything which is already on your credit report. Creditors may report that you are on a DMP and are not paying as originally agreed although they have accepted the reduced payment. After successfully completing a DMP, MMI will help you in reestablishing your credit with certain of your creditors. We must mention that is up to the individual creditor whether or not credit will in fact be granted in the future.
The clients who contact us have a variety of professions, income level, debt level, etc. Nobody, and I want to emphasize nobody, is immune from running into financial difficulties. You don't need to be behind on your bills before you call us. What we wish everybody would do is contact us before the become delinquent on their debt. We could then hopefully give them advice on how they can avoid a debt crisis situation.
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My first question is do I have to come in to your office to get help using your service. I have some credit cards that keep charging me interest, over the limit fees, and late charges. At this rate I will be over 100 before I can get out of this. Is there a way to help me without me coming in, I live too far away from the city to be able to do that, also with young children.
- C.M.
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All of the counseling by Money Management International (MMI) is done by phone, fax, mail and the Internet. You do not have to go into any office at any time.
Call MMI at 1-800-762-2271 and speak to a financial counselor. During your counseling session, your counselor will review your overall financial situation, discuss possible solutions and make recommendations for you to consider. Counselors are available 24 hours a day, 7 days a week.
If your debts are truly unmanageable, your counselor will explore the possibility of a Debt Management Program (DMP) which allows you to make reduced payments to creditors. The DMP is an alternative to bankruptcy. It serves the dual role of helping you repay your debts and helping creditors collect money owed them. You agree to deposit funds with MMI each month which MMI will then distribute to your creditors until you become debt free.
Some creditors will make adjustments on their finance charges and/or other fees for clients on a DMP. Others will not. This is an individual creditor policy which may change over time. The DMP also seeks to help you maintain your good credit or reestablish your credit. Good luck.
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Will I be able to use my credit while on a 'plan?'
- Anna
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Our mission and purpose is to help people get out of debt. You do that by not incurring any more debt. The only way we can help is if you agree to return all of your credit cards to the creditor and agree that no further charges will be made on your accounts nor will you ask anyone for more credit while you are on the our program. Exceptions are made for justifiable reasons. You will need to discuss with your counselor if an exception can be made. |
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Yes, we are in need of some serious credit counseling. It seems to go up and down all the time and yes, we would finally like to see what debt-free feels like. If this is something that we might be able to use without going into "B" court.
- Stuart
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Stuart,
A debt repayment program is not bankruptcy, it’s an alternative. Unlike bankruptcy, our clients repay their debts with the consent and cooperation of their creditors.
Congratulations on your decision to take control. Yes, that debt-free feeling is worth it!!
Call 800-762-2271 to get started. Counselors are standing by.
Susan
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It has been 2 years since my divorce from my husband. My ex-husband was to pay all bills as the courts stated in the divorce agreement. It also stated that I will remain harmless of all debts. I have now been receiving letters from companies asking for payment of debts. I can't even open a bank account in my new state of residence. The bank tells me I have bounced checks left and right. I haven't banked with that so called bank in 2 years!! I just don't know what to do. The car we once owned is in his possession. It also stated in the divorce agreement that he is sole owner of the car. He was to remove my name from the car with the DMV, but hasn't. He is now late on that and the lender is now after me. What do I do?
- Cheri
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Dear
Cheri,
Unfortunately, letters like yours are all too common. Divorce is such a difficult issue and it is a surprise to many to find out just how greatly it can impact your financial life.
I am sorry to tell you that your creditors are well within their rights in trying to collect the debts from you. A divorce decree does not cancel the original agreement you made when taking out the loans. Your best bet is to cooperate with your ex-husband and try to get the debts repaid. That way, you can both begin your new lives.
Good Luck,
Susan
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